UK retail market suffers biggest decline for six months
2012-11-15 13:28:52 - UK retail market suffers biggest decline for six months
Sales within the UK retail market fell by more than had been forecast in October, as shoppers cut back spending on food and clothing products, meaning the market suffered its biggest slump in sales volumes for six months.Sales including fuel dropped 0.8% from September, when they gained a revised 0.5%, the Office for National Statistics said today in London. The
median forecast of 23 economists in a Bloomberg News survey was for a 0.1% decline. Food, which accounts for about 41% of UK retail market sales, declined 0.6%.Analysts had expected a fall in October of about 0.2%, and the steeper decline may add to worries about economic growth following Wednesday´s Bank of England warning about the UK recovery.Clothing sales, which account for about 12% of total retailing, plunged 2.3% in October from the previous month. Sales of clothes had surged 1.9% in September due to a boost from school uniforms. From a year earlier, total retail sales were up 0.6% in October.Today´s numbers aren´t terribly positive as far as the fourth-quarter gross domestic product goes," said David Tinsley, an economist at BNP Paribas SA in London."There is a reasonable chance that the fourth-quarter release will show the economy slipping backwards. That will raise the political heat for the government amidst talk of the economy triple dipping."Retailers will now be looking to the key Christmas period to boost sales. A survey by the CBI business group late last month reported that retailers expected a pick-up in sales in November.For more information on the UK retail market, see the latest research: UK Retail MarketFollow us on Twitter @CandMResearch
Click for news details: www.companiesandmarkets.com/News/Retail/UK-retail-market-suffers ..
Browse all Retail C&M News www.companiesandmarkets.com/News/Retail/?aCode=f3fb3973-dfd8-4f1 ..
Companiesandmarkets.com is a leading online business information aggregator with over 300,000 market reports and company profiles available to our clients. Our extensive range of reports are sourced from the leading publishers of business information and provide clients with the widest range of information available. In terms of company profiles, Companiesandmarkets.comâs online database allows clients access to market and corporate information to over 100,000 different companies. We provide clients with a fully indexed database of information where clients can find specific market reports on their niche industry sectors of interest.